KBH Articles & News

AUGUST 2018 Report

  • Government launches new service to simplify business registrations – The new stand-alone service provides a simpler and clearer way to register a business.
  • Illegal early access to super: ATO warning about scammers – Taxpayers are urged to be aware of scammers who promise to organise access to retirement savings for a fee.
  • ATO gives small businesses the chance to seek independent review of ATO audit position – The ATO is running a 12-month pilot to extend its independent review service to certain small business taxpayers.
  • Transacting with cryptocurrency: updated ATO info – The ATO has updated the information on its website dealing with capital gains tax and cryptocurrency.
  • Tax gap for individuals is $8.8 billion, says ATO – The ATO has estimated the size of the “tax gap” between the tax the ATO collects and the amount it would collect if all taxpayers fully complied with the law.
  • ATO warns about scammers at tax time – Taxpayers should be on “high alert” for tax-related scams at tax time.
  • Income tax residency rules for individuals: Board of Taxation recommends reform measures– The Board of Taxation’s recently published report makes recommendations to modernise and simplify the rules.
  • Retirement income covenant needs more flexibility: KPMG – KPMG has released a submission in response to the Treasury position paper on the proposed retirement income covenant announced as part of the 2018–2019 Budget.
  • Illegal phoenix activity costs billions; new Phoenix Hotline – The ATO estimates the annual direct impact of illegal phoenix activity and establishes a hotline for reporting phoenix behaviour.
  • Super funds deliver healthy returns for 2017–2018 – Funds in the “growth” category continue to provide strong positive returns.
  • GST exemption for offshore sellers of hotel bookings to be removed: draft legislation released – The proposed new rules will ensure offshore sellers of hotel accommodation in Australia calculate their GST turnover in the same way as local sellers.

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KBH PartnersAUGUST 2018 Report